PNC Financial is the country's 5th largest bank by assets. Link
PNC owns 46.5 million shares of BlackRock common & convertible preferred shares. Link
Here's a link to my updated spreadsheet:
http://spreadsheets.google.com/ccc?key=0An-C4NLkRQu7dDI3U0g2cGZzWHpHX2dOdkp1dDFnd1E&hl=en
FORTUNE Magazine's article on BlackRock: LINK
Back in May when PNC made its high at $53, Blackrock was $160
Less than 30% of PNC's stock price was BLK, now its close to 50%
Look at this another way: PNC's "Banking operations" (the other part of PNC's stock price) were worth $38 in May. Today it is much less (see spreadsheet for today's calculation).
Since PNC owns 31% of BlackRock, it consolidates 31% of BlackRock's earnings into its own reports. Its the "Value of Earnings" vs. "Value of Stock" that makes this situation interesting.
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